Agree, ~7% seems ok? The funny thing about the profession of active fund management is that there is a ‘scoreboard’. Almost no other profession can or would score itself like this. If they did, I doubt more than 7% would beat a suitable benchmark for hairdressers, plumbers, doctors etc.

This ‘score’ has other useful properties. A successful fund manager has to operate under difficult and changeable conditions for long periods of time. They can’t get there just by default or by being lucky. Knowing which people can do this very challenging task means the advice they give about investing, managing your own psychology and life in general is imbued with a legitimacy that is difficult to find elsewhere.